2014/123/EU: Decision of the European Central Bank of 4 February 2014 identifying the credit institutions that are subject to the comprehensive assessment (ECB/2014/3)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

Having regard to the Treaty on the Functioning of the European Union, and in particular Article 127(6) thereof,

Having regard to Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions⁽¹⁾, and in particular Article 4(3) and Article 33(3) and (4) thereof,

Having regard to the proposal from the Supervisory Board,

Whereas:

1. From 3 November 2013, in view of the assumption of its supervisory tasks, the European Central Bank (ECB) may require the national competent authorities and the persons referred to in Article 10(1) of Regulation (EU) No 1024/2013 to provide all relevant information for the ECB to carry out a comprehensive assessment, including a balance-sheet assessment, of the credit institutions of the participating Member States. The ECB is required to carry out such an assessment at least in relation to the credit institutions not covered by Article 6(4) of Regulation (EU) No 1024/2013.

2. On 23 October 2013, the ECB published the names of institutions included in the comprehensive assessment as well as an initial overview of the key features of the comprehensive assessment.

3. Based on the criteria referred to in Article 6(4) of Regulation (EU) No 1024/2013, the ECB has identified credit institutions in respect of which it intends to carry out a comprehensive assessment, including a balance-sheet assessment, in accordance with Article 33(4) of Regulation (EU) No 1024/2013. In applying the above criteria, the ECB has taken into account possible changes that may occur at any time owing to the dynamics of the activities of credit institutions and the resulting consequences for the total value of their assets. As a result, it has included credit institutions that currently do not meet the criteria for significance but may do so in the near future and should be subject therefore to the comprehensive assessment. The ECB will therefore undertake a comprehensive assessment with respect to credit institutions, financial holding companies or mixed financial holding companies the total value of whose assets exceeds EUR 27 billion. Notwithstanding the above criteria, the ECB will also undertake the comprehensive assessment with respect to the three most significant institutions in each of the euro area Member States. The identification of credit institutions on which the ECB intends to carry out comprehensive assessments is without prejudice to the final assessment of the criteria that is based on the specific methodology included in the framework referred to in Article 6 of Regulation (EU) No 1024/2013.

4. The credit institutions and the national competent authorities are required to supply all relevant information for the ECB to carry out the comprehensive assessment in accordance with Article 33(4) of Regulation (EU) No 1024/2013.

5. The ECB may require the national competent authorities and the persons referred to in Article 10(1) of Regulation (EU) No 1024/2013 to provide all relevant information for the ECB to carry out such a comprehensive assessment.

6. Members of the Supervisory Board, staff of the ECB and staff seconded by participating Member States are subject to professional secrecy requirements set out in Article 37 of the Statute of the European System of Central Banks and of the European Central Bank and relevant Union law. In particular, the ECB and national competent authorities are subject to the provisions regarding the exchange of information and professional secrecy set out in Directive 2013/36/EU of the European Parliament and of the Council⁽²⁾,

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